Each module takes roughly thirty minutes to complete and can be taken entirely online, and even from your smartphone. Fancy.

Fannie also boasts that the testing exceeds the standards of both HUD and National Industry Standards for Homeownership Education and Counseling.

So you’re probably going to learn a lot about being a homeowner, which is always a plus, and certainly a good way to reduce defaults on the associated mortgages.

Once the course is completed, you receive a Certificate of Completion that can be downloaded and then included with an initial offer for the purchase of a HomePath property.

The online course does cost $75 upfront, but Fannie says it will be reimbursed if you successfully close on a contract. I believe it’s covered via the 3% closing cost credit.

In order to be eligible, the request for closing cost assistance must be made at the time of the initial offer via the HomePath Online Offers system and can only be submitted on or after April 14, 2015. So make sure your real estate agent remembers to include it!

If the lender restricts the amount of seller contributions, the credit will be reduced to the allowable amount.

Additionally, it should be noted that home buyers with total closing costs under three percent will not receive the difference as a credit.